Forint recoups some losses ahead of expected rate hike



By Anita Komuves

BUDAPEST, Sept 27 (Reuters) - The Hungarian forint firmed on Tuesday in a positive correction, recouping some losses from the previous session, with investors eyeing the central bank's meeting later in the day where analysts expect the bank to raise its base rate further.

The forint EURHUF= was up 0.38%, trading at 407.00 per euro ahead of the central bank's decision. Most analysts in a Reuters poll expect a 100-basis-point rate hike to 12.75%.

"The rate hike is mostly priced in already," an FX trader in Budapest said. "Today's strengthening is a correction after the fall yesterday when the prime minister's words on seeking funds from non-EU sources raised investor concerns."

The currency weakened on Monday after PM Viktor Orban said that if the European Union does not give Hungary money for modernising its energy system, then "we will get the necessary funds from other financial sources."

Orban's press chief and the government spokesman did not reply to emailed questions from Reuters requesting details on these financial sources.

Long-term government bond yields continued to tick higher on Tuesday after a jump of about 25-30 basis points in the previous session on Orban's comments, a fixed-income trader said.

The yield on the benchmark 10-year bond was about 9.63%, at around a 10-year high which it had reached earlier this month.

Investors also eyed the NBH's statement due to be published at 1300 GMT for guidance on a possible slowdown or end of its hiking cycle and for the bank's latest inflation projections.

Deputy Governor Barnabas Virag told reporters last Thursday that the NBH could consider ending its rate rise cycle after Tuesday's meeting.

Policymakers across central Europe are seeking to end a cycle of rate hikes running since last year even as inflationary pressures remain and the world's major central banks keep pursuing higher rates.

The Czech National Bank, meeting on Thursday, already left rates unchanged in August for the first time in over a year.

The Polish zloty EURPLN= weakened 0.31% to 4.7640 versus the common currency. It was pressured by global recession fears and growing risk aversion towards emerging currencies, Bank Millennium wrote in a note.

CEE

SNAPSH AT

MARKETS OT

1032

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.635 24.666 +0.13 +0.96 =

crown

=>

0

0

%

% EURHUF Hungary <EURHUF 407.00 408.55 +0.38 -9.24% =

forint =>

00

00

% EURPLN Polish <EURPLN 4.7640 4.7490 -0.31% -3.63% =

zloty

=>

EURRON Romania <EURRON 4.9445 4.9419 -0.05% +0.07 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5300 7.5245 -0.07% -0.17% =

n kuna =>

EURRSD Serbian <EURRSD 117.25 117.33 +0.07 +0.28 =

dinar

=>

00

50

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1152.2 1151.0 +0.10

5

800

% .BUX

Budapes .BUX

38903. 38528. +0.97 -23.30

t

43

86

%

% .WIG20 Warsaw <.WIG20 1459.3 1433.0 +1.83 -35.63

>

2

8

%

% .BETI Buchare .BETI 10846. 10622. +2.11 -16.95

st

79

15

%

% .SBITO Ljublja <.SBITO 1006.5 1001.3 +0.51 -19.83 P

na

P>

1

8

%

% .CRBEX Zagreb <.CRBEX 1942.8 1948.3 -0.28% -6.57%

>

2

3

.BELEX Belgrad <.BELEX 830.41 831.50 -0.13% +1.17 15

e

15>

% .SOFIX Sofia

<.SOFIX 592.40 591.74 +0.11 -6.81%

>

%

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 6.1990 -0.032 +429b +0bps RR

2-year RR>

0

ps CZ5YT=

<CZ5YT= 5.3990 -0.045 +333b -4bps RR

5-year RR>

0

ps CZ10YT

<CZ10YT 5.4520 0.1530 +335b +14bp =RR

10-year =RR>

ps

s

Poland

PL2YT=

<PL2YT= 6.8740 -0.032 +496b +0bps RR

2-year RR>

0

ps PL5YT=

<PL5YT= 7.0930 0.0150 +502b +2bps RR

5-year RR>

ps PL10YT

<PL10YT 6.9020 0.0930 +480b +8bps =RR

10-year =RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.28

7.22

6.89

7.24

Rep

><PRIBO

R=>

Hungary <HUFFRA 14.07 14.04 13.87 12.95

><BUBOR

=>

Poland <PLNFRA

7.58

7.63

7.54

7.16

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

****************************************

**********************


Additional reporting by Pawel Florkiewicz in Warsaw; editing by Uttaresh.V

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